Location: Chautauqua County, NY | Metro: Chautauqua County, NY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $790 | $81,941 | 0.96% | C |
| 2BR | $1,010 | $119,772 | 0.84% | C |
| 3BR | $1,350 | $127,912 | 1.06% | B |
| 4BR | $1,400 | $164,249 | 0.85% | C |
| 5BR | $1,624 | $226,021 | 0.72% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 14701, Jamestown, NY, within Chautauqua County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for FY 2026 is set at $970. This is the maximum amount that the housing authority will pay for a two-bedroom rental unit under the Section 8 program.
Comparatively, the local market rent for a two-bedroom apartment, as measured by ZORI (Zillow Observed Rent Index), stands at $885. This indicates that the SAFMR exceeds the local market rent, which can be advantageous for landlords participating in the program.
A landlord should understand that the actual payment received from a Section 8 voucher includes both the tenant's portion of the rent and any utility allowances. The tenant typically pays about 30% of their adjusted income towards rent. If we assume an average adjusted income for a tenant in Jamestown, NY, this would mean the tenant might contribute around $292.50 per month, based on a hypothetical adjusted income of $975. The remaining amount is covered by the housing authority, up to the SAFMR limit.
In addition to the base rent, there are utility allowances. For ZIP 14701, these allowances can vary but are generally modest. Assuming a utility allowance of approximately $150, the total reimbursement to the landlord from the housing authority could be $1,120 per month for a two-bedroom unit. This figure is derived from adding the SAFMR ($970) and the utility allowance ($150).
Given that the local market rent is $885, a landlord participating in the Section 8 program would see a surplus when considering the full reimbursement from the housing authority. In this case, the surplus would be $235 per month, calculated by subtracting the local market rent ($885) from the total reimbursement ($1,120).
This surplus represents additional security for landlords, as it ensures that they receive more than the standard market rent for their units. It also means that landlords can potentially cover maintenance costs, property taxes, and other expenses more comfortably while still offering affordable housing options to tenants.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.